Yes, you can... There is one more options also there.....
If you using Windows 7 Professional environment means, please install the "Windows Virtual PC", by default it will comes with "Windows XP - 32 bit". On top of that, install the Hyperion 11.1.2.x 32 bit version and play.
Note : There is separate downloads available for "Windows virtual PC" for Windows 7 Home etc..
Recently, Oracle has released the OBIEE 126.96.36.199 SampleApp V305 - Linux Image. Download and Play...
Virtual Box configured with the below Software's:
Oracle Linux 5.9 64 bit
Oracle Database 188.8.131.52
Oracle TimesTen 184.108.40.206.1
Oracle Endeca 3.0
APEX 4.2, Listener 2.0.1
R 2.15.1, ORE 1.3
R Studio Server 0.97
Java SE Development Kit 7u17
SQL Developer 3.2.20
SampleApp V305 Content
Note : For this sample Demo, min 8 GB RAM and 52 GB HDD space is required
Hope i gave the multiple options for you, choice is yours. All the best....
Please let me know if you requires any help....
It is not supported on Windows 7 and there is no guarantee it will work, you can try installing on Windows 7 though if you experience problems then stick with a supported OS.